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Money Minute
Quick Tips
Frugal Habits That Waste Money
Saving Money at the Grocery Store
Being frugal is not always the best way to save money.

I love a good deal, but sometimes I have to remind myself that being frugal is not always the best way to save money. I know that may sound counter-intuitive, but here is my logic:

First, when clipping coupons, stick to the stores where you regularly shop. Don’t purchase items you don’t actually need just because it seems like you’re getting a deal. The same principle goes for “daily deal” websites. Think about whether or not you need the item or service being sold — ask yourself if you would be shopping for it if you hadn’t seen the e-mail? Remember, you want to eliminate any unnecessary spending from your budget, not add to it.

Second, don’t always buy the cheapest product. While it’s tempting to go after a good deal, be careful to not sacrifice quality. Buying a cheaper product that may break or wear out faster could end up costing you both time and money in the long run.

Lastly, remember that there’s an opportunity cost to everything. Are you the type of shopper who searches every store in the mall for the best deal? Or, do you drive around in circles looking for non-meter parking on a quick trip to the pharmacy? Think about the time you’ve just spent trying to save a few bucks and whether or not that’s worth it to you. Sometimes, time really is money.

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